Order was filled as an "Iron Condor" for $1.55 net credit (all four legs).

Margin/Risk is calculated by the width of the wings ($1,000), less credit received.

Margin/Risk for this week's trade: $845.

Target Gain: 7% of margin/risk or $59.

Max loss: 10% of margin/risk or $85.

Below is the risk graph of this week's position as shown on my broker's platform:

SPX May 2 Weekly Iron Condor:

Below is the SPX chart showing the short strikes:

SPX 6 month chart

Trade Management:

The guidelines call for the position to remain open until target gain is reached, as long as SPX stays between the short strikes. They also call for exiting at the pre-set max loss, or if SPX reaches either short strike.

Having said that, it is a traderâ€™s individual decision whether to wait for target gain, or max loss, on any position. Trading is a blend of oneâ€™s individual style, risk tolerance, and intuition. This combination can help reach your annual trade plan results. I recommend following your own trade style; there is nothing wrong with exiting a position early. Remember with weekly trades, there are 52 opportunities in a year to trade so it is important to be comfortable with your trade size and position. Remember, trading is an art, not a science.

For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, 2014, and can be found here:
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